With all the gloom and doom in the news today, it can be tempting to give up on trying to negotiate with your lender. Whether you’re trying to renegotiate your mortgage so you can stay in your home or arrange a short sale, the process is long and tiresome. The endless phone calls, the incessant “lost” paperwork, and the weeks without hearing anything from your lender can easily wear you down.
I was reading a book called “the dip” today by Seth Godin and ran across some ideas that may encourage you. The process to get something you want in life is never easy…if it were, anyone could do it. The process you have to go through to re-negotiate your loan is long and intricate for many reasons. One of the primary reasons is to protect the lender and the investors that own your home loan from homeowners that would try to take advantage of the current situation unethically.
To avoid being taken advantage of and to make sure they comply with federal and state laws, your servicer adds many steps and cross checks to their process. Nothing is approved without having numerous people review the decision and the numbers behind it. They ask you to verify your income, your expenses, your hardship, and any other information you submit.
The process is difficult, but all you all have to do is persist. The difficulty has a way of weeding out the weak and those that do not have the financial ability to stay in their home. If your hardship is taken care of and you have verifiable income that is sufficient enough to support your home and your bills, I encourage you to just persist. If you hit a roadblock (like not being able to get through to the loss mitigation department), change tactics and continue pressing forward. Keep trying new things until you find one that works…don’t ever quit. By slogging through the pain now, you will save you and your family much more pain later.
Succeeding is not easy, but it is worth it.
You can be like Katherine from California who just finished up a short sale using a little bit of our advice and a whole lot of tenacity. It took her family over 6 months from start to finish, but now they’ve restarted in another state and are rebuilding their lives rather than feeling sorry for themselves.
Sabrena in Texas got her lender to renegotiate her loan so she and her family could stay in their home using our services. Sonia in California did the same thing. Francis from Maryland got a delay in his foreclosure hearing just two days before it was scheduled to happen by being persistent and not backing down when his mortgage company gave him the run around.
Not all homes can be saved, but if yours can, I hope this encourages you to keep trying. If you need ideas or help, please post a comment and we’ll do everything we can to help.
If you’re trying to write a hardship letter to your lender to explain your situation, we have a free sample hardship letter you can download to get you started. Hundreds of people have used this letter and the directions with it with much success.
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